sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
Direct Tax »
 CBDT issues draft notification for amending computation of interest income
 Claim home loan interest for tax deduction from rental income
  CBDT notifies new communication scheme
 CBDT proposes changes to three IT forms, seeks public suggestions
 CBDT proposes amendments to three IT forms, invites public suggestions
 Income tax returns filing: This is what taxpayers must mention
 CBDT dedicates fortnight for pending appeal effect
 CBDT marks Jun 1-15 for expeditious disposal of pending appeals
 CBDT marks Jun 1-15 for expeditious disposal of pending appeals
 Special provisions of the Income Tax law: Are all incomes created equal?
 Top 5 reasons why you could be paying more tax

Income tax dept approaches Swiss authorities
November, 17th 2012

The Income Tax department, probing the secret list of account holders in the Geneva branch of HSBC bank, has approached Swiss revenue authorities for banking data of certain individuals after investigations showed some of them reportedly had other accounts under fictitious names.

The department, which approached the Finance Ministry and the Central Board of Direct Taxes (CBDT) in this regard recently, has initiated the step in order to build a water tight case against those who have stashed illegal funds abroad and the action has been taken under the recently revised tax information exchange treaty between the two countries.

Top sources involved in the probe said that after India received the list, both the I-T department and the Enforcement Directorate (ED) have gathered vital leads on the financial investments of a certain number of individuals and it is suspected that a number of them hold other Swiss accounts under different names allegedly to evade the tax scanner.

The department, sources said, has also opened I-T assessments of a "specific number" of those named on the same list under the provisions of Wealth Tax laws.

The department, through the foreign taxation wing of the CBDT, has approached Swiss authorities as India can now "get information even if it only has limited details regarding the person having bank accounts in Switzerland".

This was not possible prior to May this year.

These "limited details" related to other Swiss bank accounts, sources said, were obtained by tax sleuths after investigations were conducted in various cities, acting on the HSBC Geneva list entities which was provided by the French government last year.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Experience

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions